Table of Contents 1 218

DESTINI Annual Report 2019

DESTINI ANNUAL REPORT 2019 1
OVERVIEW 4
ABOUT THIS REPORT 4
DESTINI’S PRESENCE 5
OUR BUSINESS 6
DESTINI’S CORPORATE DIARY 8
CORPORATE INFORMATION 12
CORPORATE STRUCTURE 14
SUBSIDIARY AND SUB-SUBSIDIARIES 16
LEADERSHIP 18
BOARD OF DIRECTORS 18
KEY SENIOR MANAGEMENT 27
PERFORMANCE 34
OUR PERFORMANCE 34
CHAIRMAN AND PRESIDENT & GROUP CHIEF EXECUTIVE OFFICER STATEMENT 36
MANAGEMENT DISCUSSION AND ANALYSIS 40
INVESTOR RELATIONS 50
SUSTAINABILITY 52
COMMITMENT TO SUSTAINABILITY 52
SUSTAINABILITY GOVERNANCE 54
STAKEHOLDERS ENGAGEMENT 55
MATERIAL SUSTAINABILITY MATTERS 56
GOVERNANCE 62
CORPORATE GOVERNANCE OVERVIEW STATEMENT 62
ADDITIONAL COMPLIANCE INFORMATION 78
RISK MANAGEMENT AND INTERNAL CONTROL STATEMENT 79
AUDIT COMMITTEE REPORT 82
FINANCIAL STATEMENTS 86
DIRECTORS’ REPORT 86
STATEMENT BY DIRECTORS 91
STATUTORY DECLARATION 92
INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF DESTINI BERHAD 92
STATEMENTS OF FINANCIAL POSITION 98
STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME 100
STATEMENTS OF CHANGES IN EQUITY 101
STATEMENTS OF CASH FLOWS 104
NOTES TO THE FINANCIAL STATEMENTS 107
Corporate Information 107
Basis of Preparation 107
Significant Accounting Policies 115
Property, Plant and Equipment 132
Right-of-Use Assets 138
Investments in Subsidiaries 140
Investment in Associates 149
Investment in Joint Ventures 151
Investment in Securities 153
Intangible Assets 153
Land Use Rights 156
Other Receivables 157
Other Investment 158
Inventories 158
Contract Assets/(Liabilities) 158
Trade Receivables 160
Amount Due from Subsidiaries 162
Amount Due from Joint Ventures 162
Amount Due from Associate Company 162
Fixed Deposits with Licensed Banks 162
Cash and Bank Balances 162
Share Capital 163
Foreign Currency Translation Reserve 163
Employees Share Option Scheme (“ESOS”) 163
Finance Lease Liabilities 164
Lease Liabilities 165
Bank Borrowings 166
Deferred Tax Liabilities 169
Redeemable Preference Shares 171
Trade Payables 171
Other Payables 172
Revenue 172
Finance Costs 174
(Loss)/Profit Before Tax 174
Taxation 176
(Loss)/Earnings Per Share 177
Staff Costs 177
Reconciliation of Liabilities Arising from Financing Activities 179
Related Party Disclosures 180
Segment Information 181
Contingent Liabilities 187
Financial Instruments 187
Subsequent Events 202
Capital Management 203
Date of Authorisation for Issue 204
LIST OF PROPERTIES OWNED 205
STATISTIC OF SHAREHOLDINGS 206
NOTICE OF SIXTEENTH ANNUAL GENERAL MEETING 210
STATEMENT ACCOMPANYING NOTICE OF ANNUAL GENERAL MEETING 214
PROXY FORM 215

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